(CNBC) - Arby's is buying casual dining chain Buffalo Wild Wings in a deal for $2.4 billion.

On Tuesday, Arby's Restaurant Group Inc. announced that it will pay $157 per share. That's a 7 percent premium to Buffalo Wild Wings Inc.'s Monday closing price of $146.40.

The companies put the deal's value at $2.9 billion, including existing debt. Buffalo Wild Wing will become a privately held subsidiary of Arby's once the deal is finalized, and will continue to operate as an independent brand.

The deal is expected to close in 2018's first quarter. It still needs the approval of Buffalo Wild Wings shareholders.

The deal is the latest in a flurry of restaurant takeovers by private equity firms. 

In October, casual dining chain Ruby Tuesday was bought by NRD Capital for about $335 million, while Luxembourg-based JAB Holdings took U.S. food chains Panera Bread and Krispy Kreme Doughnuts private over the last two years.

Including debt, the Buffalo Wild Wings deal is valued at about $2.9 billion.

Shares of Buffalo Wild Wings jumped more than 6 percent in premarket trading.